TORONTO - Frontera Energy Corporation (TSX: FEC) ('Frontera' or the 'Company') and CGX Energy Inc ('CGX'), the joint venture partners (the 'Joint Venture'), announce that their constructive and collaborative discussions with the Government of Guyana have been concluded with respect to the Corentyne block with a rescheduling of the Joint Venture's work commitments regarding its Petroleum Prospecting License for the Corentyne Block offshore Guyana.

The Joint Venture has remained committed throughout to completing its exploratory commitments in full, despite operational activities in Guyana being severely affected for much of 2020 due to the COVID-19 pandemic, delaying the Joint Venture's exploration activities. The Joint Venture has been advised that the existing November 27, 2020 deadline for drilling the next well will be extended to November 27, 2021 subject to documentation.

About Frontera

Frontera Energy Corporation is a Canadian public company and a leading explorer and producer of crude oil and natural gas, with operations focused in South America. The Company has a diversified portfolio of assets with interests in more than 40 exploration and production blocks in Colombia, Peru, Ecuador and Guyana. The Company's strategy is focused on sustainable growth in production and reserves. Frontera is committed to conducting business safely, ethically in a socially and environmentally responsible manner. Frontera's common shares trade on the Toronto Stock Exchange under the ticker symbol 'FEC'.

Contact:

Tel: +1 416 362 7735

Fax: +1 416 360 7783

Email: ir@fronteraenergy.ca

Web: www.fronteraenergy.ca

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